8. What constant-growth rate in dividends is expected for a stock valued at $32.00 if next year's dividend is forecast at $2.00 and the appropriate discount rate is 13% ? A. 5.00% B. 6.25% C. 6.75% D. 15.38% 9. A payout ratio of 35% for a company indicates that: A. 35% of dividends are plowed back for growth. B. 65% of dividends are plowed back for growth. C. 65% of earnings are paid out as dividends. D. 35% of earnings are paid out as dividends. 10. What is the plowback ratio for a firm that has earnings per share of $12.00 and pays out $4.00 per share as dividends? A. 25.00% B. 33.33% C. 66.67% D. 75.00% 11. Dividends that are expected to be paid far into the future have: A. great impact on current stock price due to their expected size. B. equal impact on current stock price as near-term dividends. C. lesser impact on current stock price due to discounting. D. no impact on current stock price because they are uncertain. 12. A stock paying $5 in annual dividends sells now for $80 and has an expected return of 14%. What might investors expect to pay for the stock 1 year from now? A. $82.20 B. $86.20 C. $87.20 D. $91.20